Buyer Agency

Buyer agency is a relationship where a licensed real estate agent, upon entering into a written agreement, works only for the buyer. A buyer's agent may be paid fees, which may include a percentage of the purchase price; and even if paid by the seller, will represent the interests of the buyer.

Buyer's agents owe their clients the duties of:

Loyalty to the buyer by acting in the buyer's best interest.

Confidentiality, except that an agent is required to disclose known material defects about the property.

Making a continuous and good faith effort to find a property for the buyer, except while the buyer is subject to an existing contract.

Disclosure to other parties in the transaction that the agent has been engaged as a buyer's agent.

Additionally, if you enter into a written agreement, any licensed real estate agent owes you the following duties:

Exercise reasonable professional skill and care.

Deal honestly and in good faith.

Present, in a reasonably practicable period of time, all offers, counteroffers, notices, and communications to and from the parties in writing.

Comply with Real Estate Seller Disclosure Act.

Account for escrow and deposit funds.

Disclose all conflicts of interest in a reasonably practicable period of time.

Advise the consumer to seek expert advice on matters about the transaction that are beyond the agent’s expertise.

Keep the consumer informed about the transaction and the tasks to be completed.

Disclose financial interest in a service, such as financial, title transfer and preparation services, insurance, construction, repair or inspection, at the time service is recommended or the first time the licensee learns that the service will be used.

Before you disclose any information to a licensed real estate agent, be advised that unless you select an agency relationship, the agent is NOT REPRESENTING YOU. A business relationship of any kind will NOT be presumed but must be established between the consumer and the licensed agent.

Following is a copy of the standard contract that is used in Pennsylvania to establish a Buyer Agency relationship: